Collateralized loans with periodic draws subject to a triggering event

ABSTRACT

This document describes techniques for implementing a collateralized loan with periodic draws subject to a triggering event. These techniques include receiving funds from a client and establishing a credit line collateralized by the funds. The techniques may further include periodically dispensing an amount from the credit line upon occurrence of a predetermined event (e.g., the client&#39;s attainment of a certain age) and until death of the client. At the death of the client, any remaining funds may then be released to, for example, the client&#39;s estate.

RELATED APPLICATION

This application claims the benefit of U.S. Provisional Application No.60/949,794 filed on Jul. 13, 2007, which is incorporated by referenceherein in its entirety.

SUMMARY

This document describes techniques for implementing a collateralizedloan with periodic draws subject to a triggering event. These techniquesinclude receiving funds from a client and establishing a credit linecollateralized by the funds. The techniques may further includeperiodically dispensing an amount from the credit line upon occurrenceof a predetermined event (e.g., the client's attainment of a certainage) and until death of the client. At the death of the client, anyremaining funds may then be released to, for example, the client'sestate.

This Summary is provided to introduce a selection of concepts in asimplified form that are further described below in the DetailedDescription. This Summary is not intended to identify key or essentialfeatures of the claimed subject matter, nor is it intended to be used asan aid in determining the scope of the claimed subject matter. The term“techniques,” for instance, may refer to system(s), method(s),computer-readable instructions, and/or any other subject matterconsistent with the context above and throughout the document.

BRIEF DESCRIPTION OF THE CONTENTS

FIGS. 1-3 illustrate an exemplary process to employ a collateralizedloan with periodic draws subject to a triggering event. This process isdescribed with reference to a timeline that tracks the loan's life cyclefrom inception to conclusion.

FIG. 4 illustrates an exemplary loan agreement that may be employedwithin the exemplary process of FIGS. 1-3.

FIG. 5 illustrates an exemplary flow diagram for establishing acollateralized line of credit, dispensing an amount from the creditline, and releasing funds that collateralize the loan.

DETAILED DISCUSSION Overview

This document describes techniques for implementing a collateralizedloan with periodic draws subject to a triggering event. This loan may beeither recourse or non-recourse. To start, a borrower and a loaningparty establish a line of credit that enables the borrower to begindrawing off of the line of credit at a predetermined time (e.g., apredetermined date or at an occurrence of a predetermined event). Theborrower secures this line of credit by some type of collateral such asfinancial assets in a fund. The borrower may open up a fund in order toestablish the credit line, or the borrower may use an existingtraditional fund to establish the credit line. The amount of each draw,meanwhile, may be a percentage of the collateral at a time of the firstdraw or at a time of the availability of the first draw. For instance,the amount of each draw may be equal to a percentage of the amount offinancial assets in a fund at the predetermined time. In some instances,the borrower has the option to draw on this line of credit according toa periodic schedule from the predetermined time until the occurrence ofa triggering event (e.g., the borrower's death).

At the occurrence of the triggering event, the borrower (or theborrower's estate, in some instances) repays the loan and any interestaccrued thereon. The borrower or the borrower's estate also receives theremaining collateral from the loaning party. At the occurrence of thetriggering event, the borrower or the borrower's estate may choose tohave the loaning party deduct the loaned amount and any accruedinterested from the collateral. The loaning party then returns remainingcollateral, if any, to the borrower or the borrower's estate.Conversely, the borrower or the borrower's estate may choose to payloaned amount (along with any interest and fees charged thereon) to theloaning party.

In instances where the triggering event is the death of the borrower,the borrower may rely on taking these periodic draws from thepredetermined time until the borrower's death. This loan thus providessecurity for the borrower in the borrower's later years in life.

Exemplary Process

FIGS. 1-3 illustrate an exemplary process 100 to employ a collateralizedloan with periodic draws subject to a triggering event. Process 100 isdescribed with reference to a timeline 202 that chronologically tracksevents associated with the process. It is noted that in some instances,process 100 may be implemented, in whole or in part, as a part of asystem with mechanisms to implement operations of the process. Forinstance, process 100 may be stored on one or more computer-readablestorage media executable on one or more processors of a computingdevice.

Process 100 includes an operation 102, which represents that anindividual 204 gives a principal 206 to a provider 208. While FIG. 1illustrates an individual, other embodiments may instead includepartnerships, corporations or any other entity. Provider 208, meanwhile,may be a bank, credit union, stock brokerage firm, asset managementfirm, any other financial institution, or the like. At operation 104,provider 208 invests principal 206 into a fund 210. Fund 210 may be amutual fund, stock, bond, bank account, or the like, or may be somecombination thereof. Fund 210 may be self-directed, directed by provider208, directed by fund 210 itself, or portions may be directed bydifferent combinations thereof.

At a time (T₁) that individual 204 provides principal 206 to provider208, individual 204 and provider 208 establish a line of credit thatwill enable individual 204 to receive periodic disbursements (i.e.,draws on a loan) from provider 208. When establishing this line ofcredit, individual 204 and provider 208 agree that principal 206 withinfund 210 serves as some or all of the collateral for the establishedline of credit.

While FIG. 1 illustrates that individual 204 provides principal 206 toprovider 208 for the purposes of establishing a line of credit,individual 204 may instead use financial assets within an existing fundor financial account as collateral to establish the credit line. Forinstance, individual 204 may use financial assets within an existingmutual fund as collateral. In still other instances, certain mutualfunds or other accounts may offer this collateralized loan to some orall members of the fund or account. Here, some individuals may opt to soestablish this credit line with their mutual fund or account ascollateral, while other individuals may not so choose.

Additionally, individual 204 and provider 208 agree upon a predetermineddate or event upon which individual 204 may choose to draw from the lineof credit. In some implementations, these parties agree that individual204 may begin taking draws when individual 204 attains a certain age(e.g., 65).

When establishing this line of credit, individual 204 and provider 208may also agree on a schedule of times at which individual 204 isentitled to draw from the established line of credit. In some instance,this schedule allows individual 204 to periodically draw upon the lineof credit. For instance, these parties may agree that individual 204 isentitled to draw from the loan on a monthly, bi-annual, annual, or anyother periodic basis. These parties will typically also agree on avariable or fixed interest rate at which these draws will be repaid. Forinstance, provider 208 may institute a fixed interest rate of, forexample, 5-10% for the individual's outstanding loan amount. Thisinterest rate is typically capitalized on the outstanding loan amount.This interest may be capitalized daily, weekly, monthly, annually, or onany other periodic basis.

Furthermore, individual 204 and provider 208 may also agree on a drawamount that individual 204 may periodically draw from provider 208. Thisdraw amount may vary amongst succeeding draws or may remain fixed forthe life of the draws. Additionally, individual 204 may choose to take adraw during some periods but not others. When individual 204 chooses notto take a draw for a scheduled period, the amount of this draw may becarried forward to future draws by the individual in someimplementations. For instance, imagine that individual 204 takes a drawin year one, but does not take a draw in year two. In year three,provider 208 may allow individual 204 to draw twice the usual drawamount.

In some instances, the draw amount is based on the amount of principal206. More specifically, this amount may be based on the amount ofprincipal 206 at the predetermined time when individual may begindrawing from the line of credit. For instance, some or all of thesedraws may comprise a fixed or variable percentage of principal 206 atthe predetermined time, such as when individual 204 attains the age of65.

In instances where the amount of the draws equals a percentage of theamount of principal 206, these parties may similarly agree upon apercentage at time T₁. This percentage may also be agreed upon at ornear time T₁. In some implementations, this agreed-upon percentage isbased upon the individual's age at the time (T₁) that the individualgives principal 206 to provider 208. For instance, the followingexemplary chart may be examined to determine a percentage of theindividual's draws:

Age at Inception Annual Withdrawal (years) Rate (%) 50 3.50-4.50 553.80-4.80 60 3.95-4.95 65 3.85-4.85 70 4.05-5.05 75 4.20-5.20

For instance, if individual 204 is fifty years of age at time T₁, thenthe above chart dictates that the individual may draw, for example, 4%of the amount of principal 206 at the predetermined first-draw date. Insome instances, this percentage may vary (e.g., increase or decrease)with different draws. That is, a first draw may equal 4% of the amountof principal 206, while a second draw may be some differing percentageof this amount. In other instances, the percentage remains fixed for thelife of the draws. That is, each of the individual's periodic draws willbe 4% of the amount of principal 206. In instances where this percentageis calculated off of the amount of principal 206 at thefirst-draw-availability date, the actual amount of these draws similarlyremains fixed.

Additionally, at time T₁ individual 204 and provider 208 may agree on atriggering event, the occurrence of which ceases the individual's lineof credit. That is, these parties agree on some date or event whereinthe individual is no longer entitled to receive draws from provider 208.In addition, occurrence of this triggering event may also result in someor the individual's entire outstanding loan amount becoming due.Individual 204 (or the individual's estate) may thus be required torepay the summation of any draws the individual has taken, as well asany interest accrued thereon. In some implementations, the repaymentamount is limited to the value of the financial assets securing the lineof credit. Stated another way, the client's estate is not obligated torepay any amount of the credit line which exceeds the value of the fundat the occurrence of the triggering event.

Lastly, the triggering event may prompt the return of principal 206.This return of principal may not only be contingent upon the triggeringevent, but in some instances is also contingent on payment of theindividual's outstanding loan. In some instances, this outstanding loanmay be repaid with some or all of principal 206. Here, the remainingprincipal, if any, is returned to the individual (or the individual'sestate). In other instances, the individual's outstanding loan amount ispaid with funds separate from principal 206. Here, the entirety ofprincipal 206 (less any fees) may be returned upon the triggering eventand upon satisfaction of the outstanding loan.

In the illustrated implementation, the agreed-upon triggering event isthe death of individual 204. Therefore, in the illustratedimplementation, individual 204 may take draws on the established line ofcredit starting at the predetermined date and continuing untilindividual 204 dies. At this point, the individual's estate orbeneficiaries may be required to pay off the individual's outstandingloan amount in addition to any interest accrued thereon.

Additionally, at the individual's death and after satisfaction of theloan, the individual's estate or beneficiaries may receive some or allof principal 206, if any remains. Note that in some instances theindividual's outstanding loan may actually exceed the amount ofprincipal 206. Here, the individual's estate thus will not receive anyof principal 206, if the estate or beneficiaries choose to pay the loanwith the principal. Instead, the estate or beneficiaries may choose toapply principal 206 to the outstanding loan. In instances where the loanis a non-recourse loan, provider 208 may only seek reimbursement fromthe estate in an amount equal to principal 206. In instances where theloan is a recourse loan, however, provider 208 may seek payment, fromthe estate, in an equal to the difference between principal 206 and theoutstanding loan amount plus any fees and/or interest charged thereon.

While the triggering event here is the individual's death, othertriggering events may be employed in other embodiments. These mayinclude the death of another reference person (e.g., the originalpurchaser if the loan has been assumed), attainment of a certain age byindividual 204, dissolution of provider 208, or any other agreed-uponevent. In fact, the triggering event may comprise multiple events, suchas individual 204 dying at a time when the individual is at least 80years of age. The triggering event may also comprise death of individual204 as well as death of the individual's spouse. Finally, the triggeringevent may comprise the later (or earlier) of two or more events. Forinstance, the triggering event may be the later of the death ofindividual 204 or the 80^(th) birthday of individual 204.

Returning attention to FIG. 1, illustrated operations 102 and 104 havebeen described. In the illustrated implementation of FIG. 1, individual204 and provider 208 have established a line of credit for theindividual and have agreed on multiple terms. For instance, assume thatthese parties have agreed that individual 204 is entitled to yearlydraws beginning when individual 204 turns 65 years of age. Assume alsothat the amount of these draws is fixed and is based on the amount ofprincipal 206 when individual 204 reaches 65. This amount is also basedupon an age of individual 204 at time T₁ (that is, when individual 204and provider 208 first invested principal 206). Assume that theindividual is 50 years of age at time T₁ and, according to the chartreproduced above, is thus able to annually draw 4% of the amount ofprincipal 206 measured at the individual's 65^(th) birthday. Finally,assume that the individual and the provider have agreed on an interestrate of between 5% and 10% that will accrue on any outstanding loanamount.

With this in mind, process 100 proceeds to operation 106, whichrepresents that principal 206 typically either grows or shrinks withinfund 210 with time. In the current example, principal 206 grows in fund210 for approximately 15 years (as the individual ages from 50 to 65)until the occurrence of operation 108. Principal 206 may also continueto grow until the principal is released to the individual or theindividual's estate. During some or all of these years, provider 208 maycharge an asset management fee (e.g., 50 basis points (bps)) to managethe financial assets. Note that this fee may be charged by the managerof fund 210, and is likely a fee that individual 204 would encounter inany traditional fund or other financial product. In some instances,provider 208 may also charge a loan commitment fee (e.g., 50 bps), whichmay address scenarios where the lifespan of individual 204 falls outsidenormalized values. One or both of these fees may be a one-time fee or aperiodic fee.

Operation 108, meanwhile, represents that individual 204 attains acertain age, here 65. Because individual 204 and provider 208 agreedupon this time (T₂) as the triggering event, individual 204 is noweligible to draw on the established line of credit. Additionally, theamount of principal 206 at this time (coupled with theinitially-determined percentage of 4%) dictates a ceiling on the amountof each draw that individual 204 may choose to take.

FIG. 2 continues the illustration of process 100. FIG. 2 begins byillustrating an operation 110, wherein individual 204 chooses to take adraw 212 on the line of credit that has been collateralized withprincipal 206. FIG. 2 illustrates that the individual takes draw 212 ata time T_(2′). This time may correspond to the individual's 65^(th)birthday (time T₂), or it may correspond to some time thereafter.Whatever the time, draw 212 here equals 4% of the value of principal 206at the individual's 65^(th) birthday.

As agreed upon, individual 204 may continue to annually take draw 212until the individual's death. Operation 112 thus represents thatindividual 204 takes another draw at a time T_(n). This draw may be theindividual's second draw, or it may be, for example, the individual'sthirtieth draw. Regardless of the number of draws taken between timesT_(2′) and T_(n), operation 114 represents occurrence of the agreed upontriggering event, namely the death of individual 204. At this point, aright to draw upon the established credit understandably ceases.Additionally, the death of individual 204 triggers the provider's rightto repayment of any outstanding loan amount (equal to the summation ofall draws 212 plus any interest accrued thereon).

FIG. 3 also continues illustration of process 100 along timeline 202.This figure includes operation 116, which represents satisfaction of theoutstanding loan in two different ways. First (and as illustrated alongthe top of FIG. 3), the individual's estate or beneficiaries 214 maychoose to have provider 208 satisfy the outstanding loan obligation fromprincipal 206 within fund 210. After this satisfaction, provider 208then provides remaining principal 218, if any, to the estate or theindividual's beneficiaries 214.

In some instances, however, the outstanding loan amount may actually begreater than the amount of principal 206 at the time of the individual'sdeath. This may occur in instances where individual 204 lived long afterthe individual's attainment of age 65 and took multiple draws duringthis time frame. In these instances, provider 208 may use the entiretyof principal 206 to satisfy the individual's outstanding loan amount.Here, provider 208 may or may not seek payment from the individual'sestate for any surplus loan amount. In some instances, the initiallyagreed-upon loan is a non-recourse loan, and provider 208 thus does nothave recourse to the estate beyond the initially-agreed upon collateral(here, principal 206).

In other instances, meanwhile, operation 116 represents that theindividual's estate or beneficiaries 214 repay, in the form of a payment216, the outstanding loan amount from funds other than principal 206.Here, provider 208 receives payment and releases some or all ofprincipal 206 to the individual's estate or beneficiaries 214. Note thatthe amount of principal 206 may have grown or shrunk between thefirst-draw-availability date and the triggering event. Similarly,provider 208 may have deducted one or more fees from the principal. Theamount of principal 206 returned to estate or beneficiaries 214 mayaccordingly vary based on these occurrences.

Finally, note that while process 100 illustrates an exemplary lifecycleof the described collateralized loan, this loan may also end before thetriggering event (e.g., the individual's death) occurs. For instance,between a time (e.g. T₁) that individual 204 gives principal 206 toprovider 208 and the predetermined time (e.g. T₂) at which individual204 may begin taking draws 212, individual 204 may opt out of the loanagreement in some implementations. Similarly, individual 204 may opt outbetween the predetermined time (e.g. T₂) and the triggering event (e.g.T_(n+1)). Here, provider 208 may require that individual 204 repay anyoutstanding loan amount before releasing principal 206 to individual204.

Individual 204 may also choose to withdraw a portion of principal 206before the predetermined time, such as when the individual turns 65years of age. The individual's loan commitment may accordingly bereduced. Similarly, individual 204 may choose to withdraw a portion ofprincipal 206 after the predetermined time, such as the individualturning 65 years of age, and before the triggering event, such as theindividual's death. Again, the individual's loan commitment mayaccordingly be reduced. In this latter scenario, however, provider 208may require that individual 204 pay back some portion of the outstandingloan amount, plus some portion of any accrued interest and fees).

Exemplary Loan Agreement

FIG. 4 illustrates exemplary elements of a loan agreement 402 thatindividual 204 and provider 208 may enter into during exemplary process100. In some instances, the information depicted within loan agreement402 may be implemented as a data structure encoded on one or morecomputer-readable media.

Loan agreement 402 may include many or all of the elements present in atraditional loan agreement. In addition, loan agreement 402 may includeelements unique to an agreement agreed-upon during exemplary process 100described above. In fact, the illustrated agreement includes many of thesame values as discussed above in FIG. 1. Of course, these values aremerely exemplary and may vary in differing implementations. Asillustrated, this agreement first states a loaning party 404, hereprovider 208. Similarly, the loan agreement lists individual 204 as aborrower 406.

Loan agreement 402 also lists a collateral 408, which here comprisesfinancial assets in a loan fund (e.g., fund 210) at a time of afirst-draw-availability date 410 (e.g., T₂). Financial assets as usedherein means stocks, bonds, mutual funds, cash, and the like. Next, loanagreement 402 includes first-draw-availability date 410 referencedabove. This date is the predetermined time at which individual 204 maychoose to draw against collateral 408. Date 410 may occur at a knowndate (e.g. the individual's 65^(th) birthday) or upon occurrence of apredetermined future event, whose actual date is unknown when agreement402 is reached. For instance, date 410 may occur if and when principal206 reaches a predetermined amount.

Illustrated agreement 402 further includes a triggering event 412, uponwhich individual 204 may no longer take draws from the established lineof credit. Again, the exemplary triggering event here comprises death ofthe borrower. Loan agreement 402 also illustrates a draw amount 414 ofeach draw. As discussed above, this amount may be fixed or variableamongst different periodic draws. Here, draw amount 414 is “4% of [the]assets in [the] loan fund at [the] time of [the] first-draw availabilitydate”. In addition to the amount, loan agreement 402 illustrates aperiod 416 at which individual 204 may take draws 212. Here, individual204 may take draws annually.

Finally, loan agreement 402 depicts a loan interest amount 418, an assetmanagement fee 420, and a loan commitment fee 422. As described withreference to FIGS. 1-3, these amounts are here illustrated as 7.5%, 50bps per annum, and 50 bps per annum, respectively. This interest may becapitalized, while the latter two fees may be one-time or periodic fees.

Operation

FIG. 5 illustrates an exemplary flow diagram of a process 500 forimplementing the loan structure described above. Process 500 isillustrated as a collection of blocks in a logical flow graph, whichrepresent a sequence of operations that can be implemented in hardware,software, or a combination thereof. All processes described throughoutthis document may similarly comprise a sequence of operations that canbe implemented in hardware, software, or a combination thereof. In thecontext of software, the blocks represent computer-executableinstructions that, when executed by one or more processors, perform therecited operations. This process may thus be automated in some instancesand may operate within or under the control of provider 208 or within acomputing device of the provider. Generally, computer-executableinstructions include routines, programs, objects, components, datastructures, and the like that perform particular functions or implementparticular abstract data types. The order in which the operations aredescribed is not intended to be construed as a limitation, and anynumber of the described blocks can be combined in any order and/or inparallel to implement the process.

Process 500 includes operation 502, which represents receiving fundsfrom a client such as individual 204. In the scenario described aboveprovider 208 receives these funds in some instances and invests thefunds in a loan fund such as fund 210. These funds are received as asingle lump sum in some instances, and periodically in other instances.Next, operation 504 represents establishing a credit line collateralizedby the funds. This establishing may be based at least in part upon avalue of the funds after management and loan commitment fees aresubtracted from the funds. These management and loan commitment fees maycomprise a one time event or a periodic event.

Operation 506, meanwhile, periodically dispenses a fixed amount from thecredit line upon occurrence of a predetermined event (e.g., the clientreaching a certain age) and until death of the client. In someimplementations, this fixed amount may be based, at least in part, upona first factor established at the time of the receiving and secondfactor established at the time of the dispensing. In some instances,these factors comprise an age of the client at the time of the receivingand the value of the funds at the time of the dispensing, respectively.This fixed amount may also be determined, at least in part, as a percentof a value of the fund at the time of the predetermined event. Thispercent may be determined at or before the receiving of the funds.Additionally, note that while process 500 describes the dispensedamounts as fixed, in other instances these amounts may not be fixed.

Finally, operation 508 represents releasing any remaining funds upon thedeath of the client. In some instances, this operation comprisesreleasing a value of the funds at the time of death minus any dispensedfixed amounts and associated capitalized interest. In other instances,this operation comprises collecting any dispensed fixed amounts andassociated capitalized interest and releasing the funds (e.g., most orall of the principal 206). Note that these funds may be released to theclient's estate. Lastly, while process 500 describes one exemplary lifecycle of the described loan, the client may also choose to receive backfunds (potentially less any management and loan commitment fees) priorto the predetermined event.

CONCLUSION

Although the subject matter has been described in language specific tostructural features and/or methodological acts, it is to be understoodthat the subject matter defined in the appended claims is notnecessarily limited to the specific features or acts described above.Rather, the specific features and acts described above are disclosed asexample forms of implementing the claims.

1. A system comprising: a means for receiving financial assets from aclient directed to a loan fund; a means for establishing a credit linecollateralized by the loan fund; a means for dispensing an amount fromthe credit line commencing when the client reaches a predetermined ageand until death of the client; and, a means for releasing any remainingfinancial assets of the loan fund upon the death of the client.
 2. Thesystem of claim 1, wherein the means for receiving is configured toreceive the financial assets as a single lump sum.
 3. The system ofclaim 1, wherein the means for receiving is configured to receivefinancial assets periodically from the client.
 4. The system of claim 1,wherein the amount is a fixed amount.
 5. The system of claim 4, whereinthe fixed amount is determined at least in part as a percent of a valueof the financial assets when the client achieves the predetermined age.6. The system of claim 5, wherein the percent is established based atleast in part on an age of the client at a time of receiving of thefinancial assets.
 7. The system of claim 5, wherein the percent isestablished at or before receiving the financial assets.
 8. The systemof claim 1, further comprising a means for charging management and loancommitment fees against the loan fund.
 9. The system of claim 8, whereinthe charging is one or more of a one time event and a periodic event.10. The system of claim 8, wherein the means for dispensing is furtherconfigured to dispense the financial assets minus the management andloan commitment fees to the client upon a client request prior to theclient reaching the predetermined age.
 11. The system of claim 1,wherein the means for dispensing is configured to dispense the financialassets on a periodic basis.
 12. The system of claim 1, wherein the meansfor dispensing is further configured to determine a balance of thecredit line as a total of the dispensed amount and interest chargedagainst the dispensed amount on a periodic basis.
 13. The system ofclaim 1, wherein the means for releasing is configured to release theremaining financial assets calculated as the dispensed amount andaccrued interest subtracted from the loan fund.
 14. One or morenon-transitory computer-readable storage media comprisingcomputer-executable instructions that, when executed on one or moreprocessors perform acts comprising: receiving funds from a client;establishing a credit line collateralized by the funds; periodicallydispensing an amount from the credit line upon occurrence of apredetermined event and until death of the client; and, releasing anyremaining funds upon the death of the client.
 15. The one or morenon-transitory computer-readable storage media of claim 14, wherein thereceiving comprises receiving the funds as a single lump sum.
 16. Theone or more non-transitory computer-readable storage media of claim 14,wherein the establishing comprises establishing the credit line basedupon a value of the funds after management fees and loan commitment feesare subtracted from the funds.
 17. The one or more non-transitorycomputer-readable storage media of claim 14, wherein the periodicallydispensing comprises determining the amount based upon at least a firstfactor established at the time of the receiving and at least a secondfactor established at the time of the dispensing.
 18. The one or morenon-transitory computer-readable storage media of claim 17, wherein theat least a first factor established at the time of the receiving is anage of the client at the time of the receiving and the at least a secondfactor established at the time of dispensing is the value of the fundsat the time of dispensing.
 19. The one or more non-transitorycomputer-readable storage media of claim 14, wherein the releasingcomprises releasing a value of the funds at the time of death minus anydispensed amounts and associated capitalized interest.
 20. The one ormore non-transitory computer-readable storage media of claim 14, whereinthe releasing comprises collecting any dispensed amounts and associatedcapitalized interest and releasing the funds.
 21. The one or morenon-transitory computer-readable storage media of claim 14, wherein thereleasing comprises releasing the funds to the client's estate. 22-25.(canceled)